• Sat. Jun 22nd, 2024

After the organization’s declaration that it would sell twenty-one billion dollars in tokens, FTX CEO Sam Bankman-Fried addressed Binance CEO Changpeng Zhao on the matter. Changpeng Zhao, the Chief executive officer and co-creator of Binance, claims that the company declared on Sunday that it had sold all the $580 million worth of remaining tokens. Feet and exchange assets are acceptable, the SBF stated on Twitter.

He added that neither customer funds nor withdrawals would be invested by the platform. The final element is connected to the growing worry some users have regarding the service’s ability to withdraw funds. Since the exchange’s audited process, which revealed it had more than $1 billion in extra cash, it has been subject to stringent regulation, according to Bankman-Fried.

After that, Bankman-Fried spoke with Changpeng Zhao directly and expressed his desire to collaborate with the CEO to make a better cryptocurrency trading system. 

CEO announcement

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Zhao announced in a message that the organization has chosen to trade twenty-three million crypto-coins to fund different improvements. He did not go into specifics about the decision’s motivations, but he did state that it was made with post-exit risk management in mind, something Luna had learned from, and wasn’t intended to be a response to rival businesses. Last year, the company made its departure from the FTX trading platform official. 

One of the company’s insiders claims that since learning that some Bankman-Fried-related businesses are maintaining negative balances, Binance has been concentrating on reducing the risks associated with its platform. Alameda Research, a FTX subsidiary whose primary funding source is FTX tokens, was the subject of a report published last week. 

Zhao was praised by cryptocurrency investor Bankman-Fried after his speech. Binance declared its intent to commit to FTX, a Hong Kong-based exchange for cryptocurrency derivatives, in 2019. 

The need to sell increases

Following the liquidation of earlier exchanges, FTX is reportedly deploying money quickly, according to a number of network data providers. Feet Token and SBF are under pressure, according to Ki Yong Joo, CEO of CryptoQuant. As for his report, FTX proprieties have decreased by 93% over the last two weeks, to just $51 million. ETH hourly withdrawals also hit a record high, dropping token reserves to $51 million. 

Alvin Hayes

Alvin Hayes

Alvin Hayes is a seasoned news writer known for his engaging storytelling and thorough research. With a commitment to accuracy and a captivating writing style, his articles provide readers with insightful and well-rounded perspectives on current events.

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